Finding Context
The great recession
Because the ACS data covers a 5 year span, the first dataset incorporates data from 2006 to 2011. In 2007, the great recession hit global economies. Although the recession ended in 2009, many key economic markers did not return to pre-recession levels until 2011 or later. For example, economic output (measured by gross domestic product), the price of housing, and stock market prices, all trended downward. At the same time, the unemployment rate, average length of unemployment, and layoffs, all increased. Median family incomes fell by 8% [1].The last dataset used in this project covers 2012 to 2017. In that time period, the lingering effects of the great recession wore off. Unemployment finally reached its pre-recession level in 2016 [1]. When examining the impacts of Barclays Center, it is important to keep the context of the great recession in mind. During the time frame examined here, economies at every scale took a big hit, and made a slow recovery. It is not possible to separate the effects of the great recession from other economic impacts. However, the recession impacted the entire economy, whereas the construction and operation of Barclays Center has primarily local impacts. In order to help us understand those impacts, comparisons are made at different scales:
- Directly in Kings County:
- The area immediately surrounding Kings County:
- The wider metro area in NY state, including Long Island:
- The state as a whole: